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<br />RETAIL
<br />CONSTRUCTION COST INDEX
<br />Per Sq. Ft. July -December, 2007
<br />~~ ~l
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<br />SNELL ~ TENANT ~
<br />BUILOIN6 IMPROVEMENTS '
<br />Small Shop Space Struggles as Retail Market
<br />Continues to Cool
<br />t~~eraJl.thc utailitiarketr 5ontinuin~
<br />to coi,] in th~.~Tsti~rn (;itic°s. 1~5a:ailers in
<br />i11 }~EUduu types aie seeing; a slo`~docvn
<br />as the im}-act ot'souro~~~prrcc~s for of
<br />.u7d other co~rma.>~htics ripples th~mugh
<br />he econowy,.rloiz}? x~s'ii~h th~r nfl.7-prune
<br />resid~:rttial ruortgage meltdcns~a7.
<br />t'.onsistcnt sa~itlr a ;k>~s~ang U.S. ccof7tnnv,
<br />conscune~ spending decelerated in the
<br />second halt as his mt, x>ttcnul uul I}orxir:
<br />prices con)nuie~d to dcclin~. i'hr~ fui nrtur::
<br />Fwd appli:u~cc~ categories ctsnCinued to
<br />evade a:~ a result of tht; hot~~ang re~;es~ion.
<br />FIa~~G~ever, the Internation,rl C.'ouncil of
<br />chap}>ang t;eatc^r~ rcporte i t .G`,=~ ~-.;ar-
<br />u~:r-year me°rease in ch,uif sr~,re ealei
<br />during the holidat~ shopput ;season.
<br />t)px:alc retalers ar:d kns.er-end discount-
<br />~rs ap}>ear to haav fared better durin,z tlrc
<br />l~ohdav snoppang season than retailers
<br />who racer to the middle class, a ~~h~tiorn-
<br />ena economists call the "hournl.~cc .ttecr"
<br />l.ustrsv retail ty~p~cilly feels lee pressure
<br />1'i-ow a,nstfiner spending sloscdoes.ns, anti
<br />de•c1~, dascounte:rs 5~hen l>esrc.it as con-
<br />sutners "trade down"' to stt?ivs lvirh IrSUrer
<br />prises to save inont:v.
<br />(~at~1 absorption lid beFn axp~:cted to
<br />bounce hack to full ,nomevtwn h~ scar's
<br />evd. Ho t, that did not h ~ppc°n retail
<br />ab,orptii~n rn the second h.elt of 2tx) ' teas
<br />7~4E~.ts?1 ul.fi.,coiirparetltisitlr~=11,33<1
<br />sq. Ft. zn the fast hali'~. 1'ot:rl tail alrsoa p-
<br />tii~ntor?l)i); ~sas I,?iiS.Jf.)~sd.ft--still
<br />t ; i"uificant anltn~uit. but anditative of a
<br />sl~~.~~~d<~~~,r_
<br />Market-tie tde; av<;r~, e eacarrc} snit>izt?
<br />retail propcrtic~s ro•c~ to b.`~.''~~, uprixsn
<br />~S'i: at raid-ve;u~. 'T'he avci i;~e rental rate;
<br />dropped slighth m the second hall to
<br />'~?:~.3`> frour ~2:~.~8 per sduarc foirt.
<br />Leasin activity has i~een light in smaller
<br />shop :apace :aid ,pectrlatrce projects.
<br />
<br />i „'..~y.
<br />\X.''ith rn,;le-t'amih- housing corrtruc-
<br />t~i~ti re achin}; its lowest point since i`i91,
<br />big-how chairs such as'har~et, Lo«re's and
<br />%.r]-~h~lart hat felt the ettzcts. I3tit there
<br />is stil sortie etipansion happening in the
<br />marktt.Thei~ hnc• become rnor• selec- ~j
<br />t?ve, axuiuuiu; to sc:~urc sate>, but at a °OO
<br />reduced pace.
<br />Redecc~lopmetrr to revitalize rYiseiirg
<br />retail ccr~ters ha:s bccon~e a rnor~ preva-.
<br />lent at~ud. iu tt~ell-estal gibed; titer- :md-
<br />sccond-bier n-aa~ are;ts. A good lort-
<br />tion often our~scrgh: ehe ch.rlleuges of
<br />re~develo},went, such as the longer tank
<br />fi<fine ~~equired Ct:~ complete those deals;
<br />more stringent ~;icy~ requiirmencs; and .less
<br />,mailability of T~uhiic financing. C tt~~ ~~ov-
<br />eruweuts have beciirne more de~uranding
<br />about dedgn,aw}?1~nirirrir7~~ scrzct arcly-
<br />tc-ctural guidelines that swill pre-empt the
<br />prototypical; unif~~rnr l t~ bo?: look.
<br />l u ~er «pc~~sed ur re•nx> }plc d 'eu n stotes,
<br />Lustie s opened siti, and ~tahreeu s, C V'S
<br />~utd ~ldi also cantimte to op~ u stahcce.
<br />COMMUNITY CENTERS
<br />(`omuuu7ity ('enters have c^njo}'rd a
<br />period of etiparrsion Lis •]~ 'uele<l by
<br />the: he tithe- ~r~ntiih of hi -bc,~ stones
<br />and "?unior hc~~" retailers sup h as 13esr
<br />13uv. Offic ei\L[a~ti_ Shfmberlarti3 and 1~ick'a
<br />Sporting t:~ood;.
<br />-I"hi> }~c~sitavc. trend sw:u reelected in the
<br />~ccorul half :ibsorptiozr of 5~ l ,'30 sq, ia'..
<br />up from east 1f)-1,03 sq. ti. in the first sip
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